UK Part-Timers Get Pension Payouts

The move, which will give more than 2,000 part-timers
benefits on a par with those of their full-time
counterparts, will cost the bank an estimated $35
million.

A further 1,500 workers, who the bank has yet to make
contact with, could also benefit , the first big settlement
since last year’s UK court ruling backdating part-timers’
pension rights in line with an earlier European Court of
Justice decision.

The rights of the part timers were backed by Unifi, a
European banking and finance trade union, which notes that
the agreement with HSBC was more generous than the law
required since the bank would also consider employment
tribunal claims in addition to the claims lodged with the
bank and the union.

The union is also negotiating with other employers,
namely Barclays, National Westminster, Royal Bank of
Scotland and Lloyds TSB.